Almarai Saudi Arabia achieved quarterly profits during the third quarter below expectations, reaching 486.3 million riyals ($130 million), according to a company disclosure today on the main Saudi stock market website, Tadawul, while average expectations indicated achieving profits worth 630 million riyals.
The company's disclosure showed that third-quarter profits increased by 5% on an annual basis, supported by increased revenues, while profits for the first nine months of 2023 grew by 20%, despite the decline in the value of the pound in Egypt, which is a major market for the company, in addition to the fact that Controlling operational costs and stabilizing commodity costs helped support profits, according to the company’s disclosure.
